Gulf Construction Online - Palm Islands to take form shortly

Regional News

Palm Islands to take form shortly

01 November 2001

Part of the first palm tree-shaped island under the 'Palm Islands' project in Dubai, UAE, is expected to be visible to the public in March next year, a top government official has said.

"We are now 45 days ahead of schedule," Sultan bin Sulayem, chief executive of Dubai Ports, Customs and Free Zones Corporation , said.

He refused to comment on the reported withdrawal of the Malaysian firm participating in the implementation of the project's first two phases, the Gulf News reported.

Palm Islands, he stressed, has nothing to do with the share market or their prices because plans for making it a joint stock firm were excluded from the beginning.

Palm Islands is government-financed and there is no need for outside sourcing, he added.

Around four to five banks had expressed readiness to grant loans to Palm Islands flats and villas buyers, said Sulayem.

"We have more than 2,000 residential units, including flats and villas. Our masterplan regularly changes in accordance with public demand," he added.

A demand to make Palms Islands tourism-related had prompted a decision to dedicate the closer island to Jebel Ali for tourism and the other for residence, he said.

Designs of flats and villas vary and prices had not been decided yet, said Sulayem.

"We had also speeded up work on the first island and went slow on the second, so that we can change anything in the second if needed. Breakwaters are the most important now. Rocks and sand are being put in place," he said.